It can feel daunting having so many viable places to consider for US business expansion — which state should you choose? First, look to match a location’s business climate to your growth needs. Pay particular attention to critical factors such as the state’s economic status, top industries, and workforce quality to help shorten your list of states for prospective expansion. Consider North Carolina for business expansion, which has plenty of potential rewards for US domestic and international business markets. North Carolina has even been named the No. 1 state for business in 2022, so it’s good to think about sliding North Carolina to the top of your target US destinations list.
North Carolina’s growing economy is top in the nation with solid finances. Still, there is a distinct difference between the economic growth of the state’s urban and rural areas. While large cities have experienced rapid population and economic growth over the last several decades, many small towns have suffered from job loss and declining population, exacerbating economic disparities.
The outsourcing of jobs to places overseas, such as China, hurt the furniture and textile industries and, therefore, the local economies. For the previous century, North Carolina had grown to be a national leader in manufacturing and agriculture but also finance, making loans to local farmers. Today, the state is still the leading producer of tobacco, furniture, and textiles in the country and a banking powerhouse in the US.
North Carolina’s historically more affordable workforce makes it a top state for many businesses looking to expand. Furthermore, a good climate, commitment to training and education, and low cost of living are key ingredients for a productive workforce. Currently, the state is enjoying a low unemployment rate of just 3.4% and an increasing employment rate with just over 4.9 million workers.
In addition to the North Carolina business environment being formidable for domestic and international business, this beautiful climate with affordable living is also personally inviting. If you’re interested in entering a market filled with plenty of potential, North Carolina might be your next destination.
For more information, please download our Destination Guide: North Carolina below.
